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Jul 24, 2007 1:47 pm

call with a specific product. people are busier than ever and don't want general info. get to the point quickly. stand-up when you're calling...motion creates emotion

Jul 24, 2007 2:07 pm

I've found that people I call from corporate directories are into growth ideas. 


Anyone use individual stocks as the product when calling?  Or is it more of a mutual fund, UIT, preferred, closed end fund idea?


Jul 24, 2007 2:30 pm
snaggletooth:

I've found that people I call from corporate directories are into growth ideas. 


Anyone use individual stocks as the product when calling?  Or is it more of a mutual fund, UIT, preferred, closed end fund idea?




dont do stocks. do a UIT with a high track record and use the closing date as a way to apply some urgency or use the opening date, so they can get in at the "IPO price."

Jul 24, 2007 2:44 pm

Good advice... Or use a closed -end fund that is IPO'ing. Like Hull said, pitch something that has a sense of urgency... Blast to a targeted market (i.e corporate real estate developers or exec's on a Global Reit CEF IPO) and you may open a couple good accounts...

Jul 24, 2007 2:46 pm
blarmston:

Good advice... Or use a closed -end fund that is IPO'ing. Like Hull said, pitch something that has a sense of urgency... Blast to a targeted market (i.e corporate real estate developers or exec's on a Global Reit CEF IPO) and you may open a couple good accounts...



THe closed end fund idea is good, too. "you will get the IPO price and won't pay any brokerage commissions."

Jul 24, 2007 3:20 pm
Bobby Hull:
blarmston:

Good advice... Or use a closed -end fund that is IPO'ing. Like Hull said, pitch something that has a sense of urgency... Blast to a targeted market (i.e corporate real estate developers or exec's on a Global Reit CEF IPO) and you may open a couple good accounts...



THe closed end fund idea is good, too. "you will get the IPO price and won't pay any brokerage commissions."



Uhhh - UITs seem like a good thing to pitch if the prospect can handle the complexity but aren't CEFs a little dangerous to your future relationship since many go down on the IPO until they trade at a discount to NAV?


Maybe a UIT in prescious metals like silver would be a good prospecting tool right now for someone looking for a growth story and the benefit of converging markets, a falling greenback and a scarcity factor of above ground supplies.


Jul 24, 2007 3:28 pm
LEAP:
Bobby Hull:
blarmston:

Good advice... Or use a closed -end fund that is IPO'ing. Like Hull said, pitch something that has a sense of urgency... Blast to a targeted market (i.e corporate real estate developers or exec's on a Global Reit CEF IPO) and you may open a couple good accounts...



THe closed end fund idea is good, too. "you will get the IPO price and won't pay any brokerage commissions."



Uhhh - UITs seem like a good thing to pitch if the prospect can handle the complexity but aren't CEFs a little dangerous to your future relationship since many go down on the IPO until they trade at a discount to NAV?


Maybe a UIT in prescious metals like silver would be a good prospecting tool right now for someone looking for a growth story and the benefit of converging markets, a falling greenback and a scarcity factor of above ground supplies.




Someone's given you some bad information about UIT's.

Jul 24, 2007 4:11 pm

Do you just lead with returns? 


Hello Mr Prospect, I am calling you about an investment idea that will only be available through next Thursday.  It's returned an annualized average of 25.26% for the last 10 years. 



Jul 24, 2007 4:12 pm

As long as you disclose that typically CEF IPO's trade down about 6 months or so after the first trading day, I dont see a huge problem there... I have been pitching high-dividend paying CEF's to some prospects, and they dont mind the decline in NAV because they know the yield is upwards of 10%.


As these are long-term investments, I position it as this. "Typically the share price will appreciate in the next coming months. Once the demand for this idea begins to tail off, you may see some decline in value on paper. The good thing is you continue to receive the div. yield and any appreciation in the first year is a bonus."


I look for CEF companies that historically have funds that have stood up well in the secondary markets. Alpine comes to mind, as well as a couple from Eaton Vance and so on...

Jul 24, 2007 4:45 pm

Where do you get your Corporate Directories?


I can buy them, but it seems like the companies I talk to have dated lists.  At least a couple years old, or more. 


I can call headquarters after hours and get numbers by going through the automated system, but this doesn't seem time efficient.


I have asked friends that work at big companies to get me lists, some will help out, some are afraid that they will get in trouble.


What other ways do you get them?  Are there good lead companies out there?  At least better than what I have dealt with?



Jul 24, 2007 4:57 pm
Analyst:

Where do you get your Corporate Directories?


I can buy them, but it seems like the companies I talk to have dated lists.  At least a couple years old, or more. 


I can call headquarters after hours and get numbers by going through the automated system, but this doesn't seem time efficient.


I have asked friends that work at big companies to get me lists, some will help out, some are afraid that they will get in trouble.


What other ways do you get them?  Are there good lead companies out there?  At least better than what I have dealt with?





I can call headquarters after hours and get numbers by going through the automated system, but this doesn't seem time efficient.


i used this method when i worked for a wire and landed some large accounts. people also leave their coworkers extinsions on their vm when they are out of town. sometimes people leave a message on their vm that they have left the company and leave a forwarding number - can you say 401k rollover

Jul 24, 2007 5:07 pm

The best way to get the corporate directory is to sleep with someone in HR. 


If you can't pull that, then I would try a lead list broker. 


A problem I am finding with the corporate directories though is that a lot of these people haven't saved any money except for in their 401k.  And if they've changed jobs, some have liquidated their 401k to buy a condo or to spend on some business venture.  People are horrible savers of money these days.  Also, for the companies I call on, they have continuous meetings throughout the day.  It takes them a little while to figure out this is a personal call and has nothing to do with their company. 


Oh well, as much as cold calling sucks, it definitely beats the corporate world.

Jul 24, 2007 10:26 pm

Try this line, works like a charm for me (after you quickly qualify them) "Well, mr. prospect, I'm going to be in BFE on Wednesday, would you mind if I swing by and drop off a card around 2:00?"  No? Hows 3:00?, etc.  This will get you in front of them easily (at least compared to the alternative).  Line up 6-7 of these in one day and probably 2 cancels and 1 is a no-show.  If 2 turn out to be even decent prospects, you ask them to setup a time where you can talk more formally (you're in a hurry today--which you will be).  Cake.


I think this market is killing us newbs right now though.  So many do it yourselfers that think they are geniuses.


PM me if you're interested in a list of attorney's for your state.

Jul 24, 2007 10:29 pm

Thats 2 cancel and attornies.  I am a ten-year-old.

Jul 25, 2007 11:42 am
drewski803:

Try this line, works like a charm for me (after you quickly qualify them) "Well, mr. prospect, I'm going to be in BFE on Wednesday, would you mind if I swing by and drop off a card around 2:00?"  No? Hows 3:00?, etc.  This will get you in front of them easily (at least compared to the alternative).  Line up 6-7 of these in one day and probably 2 cancels and 1 is a no-show.  If 2 turn out to be even decent prospects, you ask them to setup a time where you can talk more formally (you're in a hurry today--which you will be).  Cake.


I think this market is killing us newbs right now though.  So many do it yourselfers that think they are geniuses.


PM me if you're interested in a list of attorney's for your state.



I agree Drew.  The market and summer doldrums are kicking my ass right now.


I'm going to start asking people on cold calls, "How well do you feel you've been participating in this bull market we've been having?"

Jul 25, 2007 3:17 pm

"Do you have time for an online demo? I'll show you what you should be invested in right now in your 401k and other accounts. Yes, you can do it from your office or where ever you have an internet connection. Yes, tomorrow at 10am is fine. I'll email you the details."


People love the convenience.

Jul 25, 2007 4:46 pm

it's 3:38 pm and i just got done with call #150. my brain is so numb I could probably use a shotgun blast to the face and not feel anything.


I go straight for the appointment and Bobby Hull's advice on UITs and closed end funds is something I practice. At the evry least it's a fantastic way to engage what the person on the phone is or isn't interested in.


Always go for the appointment imo. I had an older guy in my office tell me "why would they meet with someone they don't know..you gotta engage them (by BS) and spend time talking to them etc"


Prospects don't want mind games. Just tell them what you can do for them and if they're in the buying mode they'll meet with you. You just gotta ask for the meeting.

Jul 25, 2007 4:57 pm
snaggletooth:

I'm going to start asking people on cold calls, "How well do you feel you've been participating in this bull market we've been having?"



No, no,no,no,no,no!!!!!!

Jul 25, 2007 6:47 pm
anabuhabkuss:

it's 3:38 pm and i just got done with call #150. my brain is so numb I could probably use a shotgun blast to the face and not feel anything.


I go straight for the appointment and Bobby Hull's advice on UITs and closed end funds is something I practice. At the evry least it's a fantastic way to engage what the person on the phone is or isn't interested in.


Always go for the appointment imo. I had an older guy in my office tell me "why would they meet with someone they don't know..you gotta engage them (by BS) and spend time talking to them etc"


Prospects don't want mind games. Just tell them what you can do for them and if they're in the buying mode they'll meet with you. You just gotta ask for the meeting.



GOOD JOB!  What were your numbers 150 dials, how many contacts, warm calls, and appointments?

Jul 25, 2007 6:57 pm
Bobby Hull:
snaggletooth:

I'm going to start asking people on cold calls, "How well do you feel you've been participating in this bull market we've been having?"



No, no,no,no,no,no!!!!!!



That's a bad question?